Oh bad Canadians...taking on to much debt.
You are making the economy more vulnerable, yes YOU are!
Not the banks who are relentlessly offering you more ways to indebt yourself, given that it is highly profitable for them. NO bad people!
You need a credit line? Don't worry, you won't have to pay on it, if you don't use it. Or you can pay the interest only. Banks like that one.
Want a mortgage? Here let us give you a forty year amortization. Because you really can't afford this home, but, you can with a forty year am.! Oh, and the banks will be rolling in the interest payments.
But, Canadians, people, average people, you are the problem!
How about this? Something really radical. Restrict the banks from offering debt to people who really can't afford it? You can't pay off a house in 25 years, you don't get a mortgage.
But the banks, can't have that, so blame the people.
Oh and you bad people, you can keep paying your taxes. But Bankers bonus's? No taxes to be collected on that! Canada doesn't want to "impose punitive taxes on anybody"
Oh really? What Flaherty really means is, we don't want to impose taxes on our special interest pals and those we are beholden to. But, hey regular joe and jane taxpayers can bail the banks out with their punitive taxes, that is just hunky dory with Ol' Jim Flaherty!
Then Flaherty claims Canadians didn't bail banks out, but actually Canadians did in a round about way... the taxpayers, took 25 billion dollars of mortgages off of the banks books. That happened in October 2008. That is a bail out.